The hottest month of the year also saw some of the hottest climbs for the largest digital asset, which reached unseen territories driven by global demand.
The market is naturally cooling after a month of events, and speculation about the next direction is high. Here’s CryptoQuant’s take on why BTC dipped at the end of July.
Potential Triggers
The month of July, which marked the second half of the year, saw a spectacular BTC run that drove the asset to a new all-time high of just over $123,000. At the end of the month, however, bitcoin experienced a significant drop, losing 7-8% of its value and falling to a multi-week low of $112,000.
Given that this ATH was a level not previously seen, it was natural for some profit-taking to occur, whether by institutions, investors, miners, or OG holders who decided to exit at this price range. A notable sell-off took place in the last few days of the month. Galaxy Digital disposed of 80,000 BTC for a client, valued at around $9 billion.
While i
We współpracy z: https://cryptopotato.com/end-of-july-bitcoin-dip-explained-what-triggered-it-cryptoquant/
